Accounting Frequently Asked Questions

Tax Preperation

You can check the status of your pending tax return on the IRS’s website using the Where’s My Refund? tool. You’ll need to enter your social security number, filing status and refund amount.

You can use the IRS’s Tax Withholding Estimator to determine how you should fill out your W-4. You’ll need to have your most recent pay stub for you and your spouse (if married), information on any other income you may have, and your most recent previous tax return. 

It depends on the type of mistakes. Many mathematical errors are caught by the IRS and corrected so you might not need to correct these errors.

If you entered the wrong filing status, need to change your income, deductions, or credits, you should file an amended tax return using Form 1040-X. The tax experts at Cochran & Associates can help you with the process of filing the return.

Generally, you must make quarterly estimated tax payments if you expect to owe at least $1,000. There are special rules for farmers & fisherman, some household employers, some high income taxpayers, and nonresident aliens. If this applies to you, give us a cal and we’ll help determine if you need to file quarterly.

Accounting Services

It depends. We’d be happy to have a brief consultation to provide personalized financial advice for your new business, but at a high level, you need three things: a strategic plan, consistent accounting records, and expert advice. Read more about these three elements of financial success here.

Your business’s profit and loss statement is a financial statement that summarizes your business’s financial standing. This statement is important to understand the financial health of your business.

Revenue, cost of goods sold, cost of labor, and operating expenses are key items to include on your profit and loss statement. 

If your business isn’t large enough to hire an in-house accountant and you don’t have the desire to do it yourself, you should consider outsourcing the task.

While QuickBooks is used by many small-business owners, by outsourcing your accounting you free yourself to focus on other aspects of your business.

Payroll Services

It’s cost and time effective. You can use your staff more efficiently. They’ll no longer need to spend time updating and maintaining your own payroll system.